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• Russia warns West of $300 per barrel oil, cuts to EU gas supply
  Western countries could face oil prices of over $300 per barrel and the possible closure...
  Western countries could face oil prices of over $300 per barrel and the possible closure of the main Russia-Germany gas pipeline if governments follow through on threats to cut energy supplies from Russia, a senior minister said on Monday.
  
  "It is absolutely clear that a rejection of Russian oil would lead to catastrophic consequences for the global market," Russian Deputy Prime Minister Alexander Novak said in a statement on state television.
  
  "The surge in prices would be unpredictable. It would be $300 per barrel if not more."
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• Permian Basin to Play Critical Role in Global Energy Security, Exxon Mobil CEO Says
  HOUSTON—Amid increasing concerns of energy security on the heels of the Russian-Ukrainian conflict,...
  HOUSTON—Amid increasing concerns of energy security on the heels of the Russian-Ukrainian conflict, the U.S. shale industry—especially the Permian Basin—is playing a critical role in keeping markets supplied with essential energy, according to Darren Woods, CEO of oil major Exxon Mobil Corp.
  
  “Our industry has an important role in keeping markets supplied, helping keep lights on, and keeping hospitals, schools, and businesses running,” Woods said speaking at the annual CERAWEEK energy conference by S&P Global on March 7.
  
  While the situation in Europe underscores the need for energy security, Woods said technology breakthroughs in the Permian Basin have helped unlock “vast new sources of oil and natural gas in the shale,” adding that crude oil and energy exports from the Permian and other parts of the U.S. will help stabilize markets and strengthen global energy security.  Source: Hart Energy
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• From Twitter: Biden administration is poised to impose a ban on U.S. imports of Russian energy
  BREAKING: The Biden administration is...

  
  

  BREAKING: The Biden administration is poised to impose a ban on U.S. imports of Russian energy as soon as Tuesday https://t.co/Hp5Lt6Fh2o pic.twitter.com/gFtq4LPUA9

  
  — Bloomberg (@business) March 8, 2022

  
  
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• Oil Jumps, Stock Futures Rise After Dow Enters Correction
  Stock futures crept higher this morning, while bond yields and oil prices rose, a day...
  Stock futures crept higher this morning, while bond yields and oil prices rose, a day after fears of a recession pushed the Dow Jones Industrial Average into a correction.
  
  Futures tied to the S&P 500 edged up 0.5% Tuesday, while blue-chip Dow Jones Industrial Average futures rose 0.4%. Futures linked to the technology-heavy Nasdaq-100 were flat. Overseas, the Stoxx Europe 600 rose 0.8% led by its financial and utility sectors.
  
  Brent crude, the international oil benchmark, continued to climb on fears of a U.S. ban on Russian imports, rising almost 3% to $126.77 a barrel. 
  
  
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• Gas prices are now the most expensive in US history, breaking record from 2008
  After days of dramatically rising gas prices in wake of Russia's invasion of Ukraine, ...
  After days of dramatically rising gas prices in wake of Russia's invasion of Ukraine, the national average for a gallon of gas is now the highest in United States history, breaking the record that stood for nearly 14 years.
  
  As of Tuesday morning, the cost of regular gas in the U.S. is $4.17, according to AAA, up from $4.06 on Monday. Last week, the average cost was $3.60.  The previous national average high was $4.11, set on July 17, 2008.
  
  The cost for diesel is also nearing the record of $4.84, which was also set in July 2008. The current price for a gallon of diesel is $4.75, over double what it was in October 2020.
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